Bankruption: How Community Banking Can Survive Fintech - Hardcover

Waupsh, John

Hardcover

ISBN 10: 1119273854 ISBN 13: 9781119273851

Publisher: Wiley, 2016

Synopsis

Community banking can flourish in the face of fintech and global competition with a fresh approach to strategy

Bankruption + Website offers a survival guide for community banks and credit unions searching for relevance amidst immense global competition and fintech startups. Author John Waupsh is the Chief Innovation Officer at Kasasa, where he helps spearhead financial product development and implementation across hundreds of institutions. In this guide, he draws on more than a decade in the industry to offer clear, practical advice for competing with the megabanks, direct banks, non-banks, and financial technology companies.

The discussion separates futurist thinking from today's realities, and dispels common myths surrounding the U.S. community banking model in order to shed light on the real challenges facing community banking institutions. It follows with clear solutions, proven strategies, and insight from experts across banking and fintech. All arguments are backed by massive amounts of data, and the companion website provides presentation-ready visualizations to help you kickstart change within your team.

In the U.S. and around the globe, fintech companies and non-banks alike are creating streams of banking services that are interesting, elegant, and refreshing―and they're winning the hearts and minds of early adopters. Not a one-size-fits-all approach, this book offers many different tactics for community banks and credit unions to compete and flourish in the new world.

• Analyze fintech's threat to the community banking model
• Learn where community banking must improve to compete
• Disprove the myths to uncover the real challenges banks face
• Adopt proven strategies to bring your organization into the future

Community banks and credit unions were once the go-to institutions for local relationship banking, but their asset share has been on the decline for three decades as the big banks just got bigger. Now, fintech companies are exploiting inefficiencies in the traditional banking model to streamline service and draw even more market share, as community banking executives are left at a loss for fresh tactics and forward-looking strategy. Bankruption + Website shows how community banks can be saved, and provides a proven path to success.

About this title

About the Author

John Waupsh is a renowned speaker at top fintech and banking conferences. With one hand in community banking and the other in fintech, he is well-regarded for balancing straight-talk consultation with research-backed ideation. Waupsh has pioneered integrated financial technology and financial marketing solutions, including Kasasa®, a national brand of financial products offered exclusively at hundreds of community financial institutions around the United States.

From the Back Cover

Praise For Bankruption

"Bankruption is a wild romp through the nascent history of FinTech, punctuated by personal stories and concise, powerful lessons. Do yourself a favor and read this book."--Brett King, Host of the World's #1 FinTech Radio Show Breaking Banks

"Bankruption is an eye-opening read that all community bank leaders need to (uncomfortably) experience. John has packed so many ideas and possible solutions into this book that it would be a disservice to your bank if you don't give it a read." --Chris Kelley, Executive Director, Barret School of Banking

"Community banking is at a crossroads. Once the foundation of each community, these institutions are challenged by new regulations, new technology, and new competitors. Bankruption provides insights into how to apply what made community banking great to serve consumers who bank differently and have new alternatives." --Jim Marous, Co-Publisher, The Financial Brand; Owner, Digital Banking Report

"We live in communities that are both physical and digital and John Waupsh brilliantly shows how a community institution can survive in a digitalized FinTech world in Bankruption." --Chris Skinner, author of ValueWeb and Digital Bank

"Provocative, divisive, insistent, and practical, Bankruption digs deeper than a simple, incredulous contempt for the status quo. It's a this-generation guide for banking leaders and their board members looking to make the transition back to relevance." --Ron Shevlin, author of Smarter Bank and the Snarketing column on The Financial Brand

"Bankruption is a sympathetic yet clear-eyed and thoroughly researched book that documents the ills of community banking and spells out many survival strategies small- bank leaders would do well to consider." --Penny Crosman, Editor at Large, American Banker

"Bankers, as well as those who advise and serve them, will ignore Bankruption at their peril." --Matt Harris, Managing Director, Bain Capital Ventures

"Bankruption is a must-read for leaders of community banks and credit unions. John Waupsh combines his own deep experience and advice with that of nearly two dozen experts, all of whom would be listed in anybody's who's who of FinTech." --JP Nicols, Chairman, Next Money; Managing Director, FinTech Forge

From the Inside Flap

For the last three decades, community banks and credit unions have watched their asset share decline as consumers give less value to local relationship banking and migrate to bigger banks. Now, new FinTech companies focused on streamlining service by exploiting inefficiencies in the traditional banking model are taking away even more market share and leaving community banking executives at a loss for how to regain relevance.

Bankruption dispels the most widely believed myths about community banking and presents tactical guidance for short- and long-term survival planning.

Inside, you'll see it is truly a matter of survival for community banks and credit unions by way of up-to-date data revealing why they are fading into the past.

A potent combination of primer, inspiration, and game plan, this practical guide reveals what FinTech really means to community banking and illuminates a variety of different ways to embrace and create solutions centered on attracting and retaining account holders.

Busy executives and board members can find solutions for today--not a hypothetical tomorrow--in illustrative examples from the real world illuminated by easy-to-understand explanations.

Then, hear from a remarkable collection of more than twenty real-world industry pioneers who are growing their organizations using the methodologies inside to:

• Put together a data-supported, motivating innovation agenda everyone can support
• Rewrite the definition of community banking and fully explore all the benefits of partnering with FinTech to create personalized, scalable services
• Assess and develop methods of gaining consumer insight and improving the overall customer experience

Forget what you have read about the assured demise of community banks and credit unions. With a renewed focus and a commitment to shed "what got us this far" thinking, community banking can thrive in this time of extraordinary change.

Bankruption is the groundbreaking survival guide for leadership at community banks and credit unions that cuts through the FinTech hype and offers solutions for today.

Don't forget to access this book's valuable companion website, which contains dozens of downloadable color charts ready-made for presentations!

Edition details

• Publisher: Wiley
• Publication date: 2016
• Language: English
• ISBN 10: 1119273854
• ISBN 13: 9781119273851
• Binding: Hardcover
• Edition number: 1
• Number of pages: 320